Question

If compound interest is calculated monthly then interest rate is taken as, R/_______.

(R upon ____) monthly.
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Answer 1

SOLUTION

TO FILL IN THE BLANK

If compound interest is calculated monthly then interest rate is taken as, R/_______ (R upon ____) monthly.

CONCEPT TO BE IMPLEMENTED

Compound Interest :

P = Principal

R = Rate of interest per annum

n = Time period

Firstly check whether the given rate of interest is compounded annually or not . If it is not compounded annually then convert the year according to the rate of interest

If it is compounded k times in a year then use the formula :

$\displaystyle \sf{Amount =P {\bigg(1 + \frac{R}{100k} \bigg)}^{nk} }$

EVALUATION

Here it is given that compound interest is calculated monthly then interest rate is taken as, R/12

FINAL ANSWER

If compound interest is calculated monthly then interest rate is taken as, R/12(R upon 12 ) monthly.

Answer 2

Answer:

If compound interest is calculated monthly then interest rate is taken as, R/12(R upon 12 ) monthly.

Step-by-step explanation:

Hope you get it

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